Amex Exploration Inc.

Amex Exploration Inc.

November 11, 2011 20:57 ET

Amex Amends First and Second Quarter Financial Statements and Management Discussion and Analysis Reports

MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2011) - AMEX Exploration Inc. ("Amex")(TSX VENTURE:AMX) announce that it will restate its unaudited quarterly financial statements and management discussion analysis reports for the three-months and six-months periods ended March 31, 2011 and June 30, 2011. The financial statements will be restated to account for accounting modifications and adjustments following the transition to the new accounting standards IFRS. The following changes will be made:

1. Share based payments; options under the company option plan, are totally vested at the date of the grant, therefore under IFRS no adjustments were necessary. The net effect will be a decrease in the deficit and contributed surplus. 2. The financial statements for the first two quarters inadvertently omitted adjustments related to the shares issued by flow- through placements under IFRS. The net impact will be a decrease in the capital stock and deficit and an increase in the deferred liability. 3. The financial statements for the second quarter incorrectly included a loss on disposal of mining assets related to the Natora property 70% interest disposal. The net effect of the adjustment will be an increase in exploration and evaluation expenses and a decrease in the deficit.

Amex is a junior mining exploration company, the common shares of which are listed on the TSX Venture Exchange. Amex's primary objective is to develop and bring into production viable gold and base metal deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Martin Nicoletti, CGA
    Chief Financial Officer
    (514) 866-8209